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MNI: FRANCE DATA: Flash Inflation (Jul 2019).........>

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MNI: FRANCE DATA: Flash Inflation (Jul 2019)
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- HICP: -0.2% m/m, 1.3% y/y; Previous (Jun): 0.3% m/m, 1.4% y/y
- CPI: -0.2% m/m, 1.1% y/y; Previous (Jun): 0.2% m/m, 1.2% y/y
- Consumer price inflation eased by slightly less than expected by analysts in
Jul, after having accelerated in Jun on stronger services price growth
- Annual services inflation cooled by 0.1pp in Jul, but at 1.1%, it is still the
second-highest reading in nine months
- While food price growth rose to its highest since Feb (+0.3pp to 2.9% y/y)...
- ... this was offset by a sharp decline in energy inflation from 2.4% y/y in
Jun to 0.8% - its lowest since Oct 2016
- Deflation in the prices of manufactured products eased slightly (-0.6% y/y
after -0.7% in Jun)
- Annual energy inflation could turn negative in the coming months and will thus
continue to weigh on the headline rate...
- ... while soft economic activity should keep core inflation contained

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